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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 10. PLANNING AND DEVELOPMENT |
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SubTilte 10-B. PLANNING AND DEVELOPMENT |
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Chapter 10-B36. HFA: MULTIFAMILY FINANCING AND LOAN PROGRAM |
Section 10-B3613. APPLICATIONS AND PROCESSING OF LOANS
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3613.1Specific instructions concerning applications for Agency predevelopment loans, permanent loans, construction loans, mezzanine loans, interim loans, or for other assistance, and the processing, evaluation, and approval of the applications shall be contained in the Agency's processing procedures, instructions, and guidelines promulgated pursuant to § 3610.
3613.2Applications and allocation plans, if any, for Agency financing shall be available to all applicants requesting them from the Agency. Such applications or allocations plans may contain information relating to rent levels, tenant relocation, and underwriting expectations.
3613.3Upon receipt of a completed application, the Agency staff shall, pursuant to agency guidelines and allocation plans, undertake appropriate analyses, investigations, and reviews in order to evaluate the proposed Housing project in accordance with the Agency's requirements, goals, policies, and selection criteria. The staff shall then make recommendations pursuant to Agency guidelines and allocations plans to the Board on the feasibility of the project for Agency financing.
3613.4If the Board preliminarily determines a proposed Housing project to be feasible for financing with an Agency predevelopment, construction, mezzanine, interim, or permanent loan, the Executive Director (or in his or her absence, designee(s) of the Board) shall issue to the sponsor a conditional commitment or financing feasibility letter.
3613.5The financing feasibility or conditional commitment letter may be issued for whatever term the Executive Director determines is appropriate in the circumstances.
3613.6The conditional commitment letter shall constitute the Agency’s intent to fund, as approved by the Board, the Housing project, subject to the completion of the terms and conditions as enumerated in the letter.
3613.7The financing feasibility letter shall not constitute a commitment on behalf of the Agency, but shall constitute a determination by the Agency staff that the proposed Housing project is feasible for financing by the Agency on the basis of preliminary reviews and analyses of the proposed site, market, design, development costs, operating budget, management plan, housing sponsor qualifications, and compliance with legal requirements.
3613.8The financing feasibility or conditional commitment letter shall specify that upon satisfaction of the terms and conditions contained in the letter, and upon submission of a satisfactorily completed final application for Agency financing, or due diligence as may be required, the entire loan application shall be processed. Loans requiring a financial feasibility letter shall be presented to the Board for action with respect to the authorization of an Agency construction loan, permanent loan, or both.
3613.9The financing feasibility or conditional commitment letter shall establish submission requirements, as determined appropriate by the Executive Director (such as the submission of preliminary designs), prior to submission of final application.
3613.10Upon satisfaction of the terms and conditions contained in the financing feasibility letter and completion of the processing of the final loan application by the Agency staff, the Executive shall present to the Board his or her recommendations with respect to the application together with the Agency's analysis of the completed application. The Board shall make a determination by resolution whether the proposed Housing project is a feasible housing project and is approved by the Agency for construction or permanent financing or other assistance.
3613.11The Board resolution shall authorize the issuance of an Agency construction or permanent financing commitment, or both, to the sponsor with respect to the proposed Housing project. The commitment may be issued for whatever term the Board determines to be appropriate in the circumstances.
3613.12The resolution may include any conditions that the Agency considers appropriate with respect to the commencement of construction of the proposed Housing project, the marketing and occupancy of the housing development, the use, disbursement and repayment of the construction or permanent loan authorized, and all other matters relating to the acquisition, equipping, development, construction, or rehabilitation and operation of the proposed housing project.